Monday, June 11, 2007

Cheap new SM listings

This 2 bed/1 bath house at 2638 32nd St. is the one of the lowest-priced listings in Sunset Park in the last couple of years, at $829K.

First time on the market. Tear down, remodel, or fixer. No sign on property. Do not disturb occupant. As is. Seller makes no warranties and will perform no inspections or repairs. Motivated seller. Inside w/accepted offer only.

Here are some comps. True it's only a 40' lot on a block of 40' and 60' lots, and sold as a tear-down. But it's a real house, not something marginal next to a boulevard.
Another new low-priced listing is the 3 bed/1 bath for $789K at 3345 Virginia Ave., third house west of Centinela and just north of the Santa Monica Freeway.

Post-modern home on tree-lined street. Newly painted with hardwood floors in living areas. Rear facing living room overlooks private yard. Lowest priced 3 bedroom in Santa Monica! Entry to Santa Monica Schools! Move right in!

It's much more competitive than the $999K still-available 3011 Virginia. But Post-modern?! The only thing this is post is World War II.

Our old $865K 1817 Warwick is around the corner. It left the market last week, but I suspect because its listing expired.

16 comments:

Anonymous said...

"motivated seller" but won't do jack to sell it. HA!

dwr said...

"Tear down, remodel, or fixer. Seller makes no warranties and will perform no inspections or repairs."

Hmmm, sounds like a minor remodel job...not.

"Inside w/accepted offer only."

Whoever buys this should never go inside, just bring the bulldozer when escrow closes.

I looked at 40' wide properties when I bought my house, thank goodness I didn't buy one.

Joey said...

"Inside w/accepted offer only."

That can't mean you can only see inside the house once you make an offer and it's accepted, can it?

dwr said...

"That can't mean you can only see inside the house once you make an offer and it's accepted, can it?"

Yes it does, it's typical for multi-unit apartments but I've never seen it for a SFR. As I said, once the offer is accepted, instead of wasting an hour walking through the place, the buyer should just call up Bulldozers R Us.

war chest said...

10 year hits 5.25%...highest since 2002.

Just in time for all those ARM resets where people want to re-fi into fixed products. Eat it.

Joey said...

DWR, wow that is pretty crazy - I don't see how someone would buy a house if they can't see inside!! I guess someone would only buy it based on the value of the land in this case, but that seems to eliminate any buyer who might actually want to live in the house.

Don said...

It's gotta have something seriously wrong with it, like mold or leprosy or something.

Makes me glad that buying right now isn't even an option at the moment.

Anonymous said...

eh- my house is listed that way because I don't want the really good tenant living in said house to leave because of all the looky-loos

dwr said...

"eh- my house is listed that way because I don't want the really good tenant living in said house to leave because of all the looky-loos"

good luck selling for top dollar with that strategy, eh!

Anonymous said...

dwr- it went in and out of escrow twice last summer at close to top dollar- and I lost 8 months rent and a couple of really decent tenants because of the number of people traipsing through the place. I'd rather discount the place and have a serious buyer than listen to all that whining.

dwr said...

last summer I could have sold my dog house for top dollar

Don said...

I wonder how long the owner has owned this and if they're the same owners mentioned here:
http://santa-monica.org/cityclerk/council/agendas/1992/s92042810-A.html

Westside Bubble said...

Probably is, Don. I noticed walking along that block of 32nd street that a number of houses (including this one) had new sidewalks where the ficus trees had pushed up the old sidewalk, some with new ginkgo trees.

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